When looking for foreclosed HUD houses, you can find free listings that can save you valuable time trying to locate the properties within a particular geographical area. Call Kevin Kelly at 716-912-4483 or your agent for more information on HUD homes. But even with ongoing property maintenance of these empty foreclosures by foreclosure cleanup companies, too many FHA foreclosures still remain on the market for well over six months, and they become viable candidates for the HUD program.
Majority of HUD Homes are initially offered in a priority basis to home buyers or occupant purchasers that will make it their primary residence. John walks you through the process of evaluating the homes to insure that you are NOT overpaying and that you WILL be able to determine the price at which you can resell the home for a reasonable profit.
The Department of Veterans Affairs (VA) offers the HUD-VASD for homeless veterans It combines HUD housing vouchers with VA supportive services. Ask your agent to provide comparable sales for HUD homes because there is no guarantee you will get a break on the price.
Generally advertised under the heading, New Listings,” HUD wants the buyers of these properties to actually reside at that property for at least one year. The robust mortgage and real estate market is generating more FHA financed homes. When homeowners with FHA-insured mortgages are foreclosed, though, their homes end up in HUD’s property inventory for eventual resale.
They do this for 2 reasons; to make the homes more marketable, and so that the house will pass FHA guidelines, therefore opening it up to more potential buyers. Renewal fees are not required if your application form HUD extension, as approved by your broker.